Friday, August 19, 2022

Drop In OpenSea NFT Trading Volume: Lowest In 13 Months

Drop In OpenSea NFT Trading Volume Lowest In 13 Months


OpenSea's NFT trading volume fell to a 13-month low. According to data from DappRadar, only $10.1 million in NFTs were sold on the platform on August 9, compared to $184.5 million sold by users on the same day exactly 7 months ago, when they peaked.

As demand for these advanced digital assets continues to decline, daily trading volume on OpenSea, a prominent non-fungible token (NFT) exchange, has fallen to a 13-month low.

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OpenSea NFT volume decreases

In the summer of 2021, the demand for non-fungible tokens increased dramatically. However, trading volume in the NFT market decreased during the year. With the lowest trading volume in a year and the rising tide of NFT attacks, interest in NFTs has fallen along with the crypto space as a whole.

Compared to the previous months, trading volume in June fell by 74% to $826 million, which was the worst decline in the history of the exchange. OpenSea earned $456.9 million in July, continuing its downward trend.

NFT depreciation in Q2 2022

According to NonFungible.com, a website that tracks the success of this fast-growing sector, the monetary value of NFT transactions fell 24.8% sequentially to $8.1 billion. In particular, total resale revenue fell by 46% as the value of digital artworks fell during the period and the number of active wallets trading these digital assets fell by 33.1% to 1 in Q1 2022, 25 million. .

According to the same study, NFT search traffic is down about 80% from the first recent peak in September 2021. NFT Yuga Labs will dominate the market in terms of value and trading volume. These include BAYC NFT and the brand new Otherside NFT launched alongside the company's new Metaverse.

The authors of the report claim that the market has changed significantly only in the first quarter. This latest drop has been a wake-up call to everyone about how volatile the cryptocurrency market is, and many investors have taken notice.

As the cryptocurrency bear market intensified in the third quarter of this year, many traders abandoned NFTs. Many people may faithfully hold the bag due to the terrible recession in the second quarter of 2022. When the going gets tough, NFT holders turn to proven assets.

Although new exchanges have created more competition for OpenSea, it is clear that the total number of transactions continues to decrease. After OpenSea, X2Y2 and LooksRare, the two main exchanges could not make up the shortfall with their recent trading volumes.

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